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EURO – GBP & YEN to gain, but GOLD down after small gain – March 13

March 13, 2013

LATE UPDATE……………………
DAYs ACTIVITY & INTERACTION WITH SUBSCRIBER (S)….

GMT 3:41 –  GOLD @ $ 1593.70 = Likely to hold above $ 1590 for test of $ 1596-98 zones. I would pick top to sell with STOPS $ 1603, as break of $ 1587 will encourage for a test of $ 1582-84 zones
GMT 9:13  -GOLD @ $ 1590 = I am not comfortable buying Gold around currenct levels as failure to move beyond $ 1593-94 has increased risk for a drop to $ 1585 zones………………….
GMT 9:44 – GOLD @ $ 1592.50 = Ok, if went long around $ 1590 = suggest takling profit and short around $ 1592.50-94 levels. Pick the top side to go short. Stops $ 1597……………..
GMT 9:47 – GBP @ 1.4972 = Book your profit around 1.4972-78…..Cheers
GMT 10:36 (S) sir where to short gbp??
GMT 10:43  – GBP @ 1.4966 =  GBP has potential to make some more gains though the currency is s a suspect.
GMT 10:59 – GOLD # $ 1595 = you have to keep a close watch on $ 1598, as break would risk for tes of 1602-04. Or else risk for drop is intact…………..
GMT 12:37 (S) sir what about gold after data?
GMT 12:38 – GOLD @ $ 1591.20 = If short take profit around $ 1589-91. Could make another up move if holds $ 1586-87…..
GMT 12:39 – EURO @ 1.2978 = Buy around currecnt leevsl STOPS 1.2950….
GMT 12:40 – GBP @ 1.4941 = Should hold 1.4910-20 leevls for another upmove….
GMT 13:13  – GOLD @ $ 1597.50 = Take profit around $ 1597.50-99 and pick top to sell……. STOPs $ 1604
GMT 13:44  – EURO @ 1.2938 = Could dip to test 1.2910-20 before recoevring to test 1.2965-70 levels.
GMT 13:45  – GBP @ 1.4918 = Buy arond current levels STOPS 1.4880………
GMT 13:47 – GOLD @ $ 1593.50 = book your profit around $ 1592-93.50……..Cheers
GMT 14:05  – GBP @ 1.4921 = Watchout & Square position, as I am not cmfortable with GBP buying. if fails t break 1.4930-40 levels could test and break 1.49…….
GMT 14:05 (S) – at what level should long gold or wait for upmove to short?
GMT 14:07 – GOLD still looks tricky. So play with strategy as it could test $ 1602-04 zones
GMT 14:24  – GOLD @ $ 1590.50 = key level is $ 1586-87 if hold another test of 4 1596-98 zones………
GMT 14:58 – Ok pals, Cheers until tomorrow…………………….

===========

GMT 3:10 – GBP @ 1.4936 = Cable still looks very shaky, as long as 1.4870-80 holds, minor up move is possible, but should become suspect beyond 1.4970-80 unless clear 1.5050.
GMT 3:20 – JPY 95.85 = Unless move beyond 96.30-40 zones see a possible move towards 95.10 break risk for 94.70. 
GMT 3:23 – AUD @ 1.0306 = Aussie has good support around 1.0265-70 levels, but needs to push above 1.0350 for 1.0370 or else 1.0250.
GMT 3:41 – GOLD @ $ 1593.70 = Likely to hold above $ 1590 for test of $ 1596-98 zones. I would pick top to sell with STOPS $ 1603, as break  of $ 1587 will encourage for a test of $ 1582-84 zones.
GMT 3:05 – EURO @ 1.3035 =  Euro is buy on dip as it has strong support around 1.2970-80 zones needs to clear 1.3065 for 1.3090

This week activity in the foreign exchange market have been mildly cautious, as traders are looking for direction and does not have a have a clear view of the economy. USA and Europe both struggling to make a comeback, as both the economies are faced with uphill task of providing jobs by pushing growth higher. They are surviving due to extraordinary fiscal and monetary measures with the help of regulatory/legislative changes. It seems that the economic condition is getting better and yet are faced with risk of uncertainty. Meanwhile, some of the major moves were seen in Yen, Pound Sterling and Gold. Yen did move on hope that BOJ will get its PM’s Governor and he will carry with the deflation task that will weaken Japanese currency. GBP still struggling was clobbered due to poor industrial production numbers supporting BOE’s easing policy. Gold surged for no good reason, but since it has been struggling to take dip despite good job numbers gave room for gains, which should be short lived as it does not enjoy the heavenly status and I will not be surprised if holders decide for sharp sell off. I think market focus will gradually shift towards the release of economic data’s. In comparison with Europe, USA still looks to be in a better shape. there some noise in the market that a German bank is faced with some financial problem, so keep an eye on Germany, which is considered the engine of Euro-zone economy.

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